I’m with a the handful of people like Paul Graham and Don Dodge that are blogging about the “positive” side of launching a business during tough economic times. My advice is if you have an idea and the passion, go for it, no matter what the times. But that’s just me.
Reading through the advice of others I do think one recipe for a classic recession-grown startup has been missing: Launching a venture after getting laid off or even better yet graduating from school and unable to find a job. It’s at times like these that in fact there’s no better time than to keep busy by doing something. Since we’re all about as good as everyone else at preducting the future, who knows where these projects will lead. If nothing else, they’ll at least keep your skills up to date and fresh.